FILE - A liquid carbon dioxide containment unit stands outside the fabrication building of Glenwood Mason Supply Company, April 18, 2023, in the Brooklyn borough of New York. The Biden administration announced on Wednesday, May 17, $251 million for carbon capture and storage projects in seven states.
Between the direct investments announced Wednesday, billions more earmarked from legislation and public statements by President Biden and U.S. Climate Envoy, the government is increasing pressure on the carbon capture and storage industry to show that the technology can significantly help combat climate change.
Carbon capture and storage involves removing carbon dioxide, either from the source of pollution or from the air at large, and storing it deep underground. In some instances, the carbon dioxide is transported across states through pipelines and stored at facilities and used for other things. The bulk of the money, $242 million, is going toward nine new or expanded large-scale carbon storage projects with capacity to hold at least 50 million metric tons of carbon dioxide, a tiny fraction of how much is put into the atmosphere. The U.S. released about 5.5 billion metric tons of carbon dioxide in 2021, according to the Environmental Protection agency.